PARTNERSHIP DEED

OF

M/s. ABC COMPANY,

Registered Office at Gandhhi Chowk, Batala.

This Deed of Partnership is made on this 24th Day of June, 2020 between.

1. Sh Rohan S/o Sh Subash Kumar aged about 32 years Resident of Bara Bazar, Amritsar Here
in after called party of the 1st part; (Continue Partner)

2. Sh Naresh Kumar S/o Sh Mani Ram aged about 20 years resident of Guru Nanak Nagar,
Amritsar Here in after called party of the 2nd Part; (Continue Partner)

HERE –IN-AFTER CALLED THE PARTNERS

WHEREAS, the aforesaid parties has been carrying on the business of resale of cloths and any
other allied products etc; under the name and style of M/s ABC Company, Rajiv Chowk, Ambala
alongwith Surjit S/o Sh Rakesh Kumar in pursuance of old partnership deed dated 27.09.2017 (Here
in after called old firm).

And Whereas, both the parties become full fledged partner of re-constituted firm. They have
liberty to run said business in same constitution or admit any new person as partner. And whereas, all the
assets & liabilities of the re-constituted firm has been taken over at book value by continue partners.

And whereas, the parties hereto, in order to avoid the dispute and difference in future, have agreed
to lay down the terms & conditions into writing specifying their shares and controlling the relations
amongst the partners interest.
NOW THIS DEED OF PARTNERSHIP IS WITNESSES AS UNDER

1. That the said partnership business shall be carried on under the name & style of M/s ABC Company,
having registered Office at Rajiv Chowk, Ambala or any other name or names as may mutually be
agreed by all the partners from time to time.

2. That this deed of partnership shall have its effect from opening hour of 01st Day of April, 2020.

3. That the firm shall deal in business of resale of cloths and other allied products etc; at Batala or
any other place or places as mutually decided by the partners from time to time.

4. That the partners shall be entitled to net profit of the business and are liable to bear the loss of said
business as per their profit sharing ratio:-

NAME OF THE PARTNER SHARE RATIO

Rohan A Party of the 1st Part; 70%
Naresh Kumar A Party of the 2nd Part; 30%

5. That the firm’s funds shall be kept in such bank or banks accounts or any other financial institution as
may be mutually agreed between the partners. The bank shall be operated by the parties jointly or
severally. They can authorize some representative to operate bank account or account of other financial
institution. The partner can take loan or loans from banks or other financial institution against the
pledgement or hypothecation of property at any time during the business hour.

6. That the partner or his/her authorized agent / person shall have access to these and be at liberty to
inspect or take copies of account at any time during the business hour.

7. That the firm shall maintain and keep regular books of accounts and shall make all such entries therein
as the ordinary course of business is entered into. The books of accounts together with all documents
relating to the conducts of business shall be kept at place of business.

8. That the capital of the each partner shall be as per his/her capital account in the book of the firm and
each partner shall be entitled to get interest on his or her capital @ 12% P.A or at such rate as may be
prescribed in section 40(b) (iv) of the Income Tax Act or any other applicable provision as may be in
force in the Income Tax assessment of the firm whichever is low. However the rate of interest may be
nil, less or more than 12% p.a as may be mutually decided by the partners from time to time. Such
 interest shall be debited to profit & loss accounts of the partnership business and credited to their
respective capital accounts at close of the year.

9. That the credit in the current account of partners of any shall not carry any interest. However if any
Partner overdraws from his or her account such overdraft or debit balance in his current account shall
bear the same rate of interest as payable by the firm on balance standing to the credit of capital account
of the partners.

10. That, both the parties of the said firm will be working working partner of the firm and They will
be entitled to remuneration/working allowance as under:

(i) That the remuneration payable to the said working partners shall be computed in the
manner laid down in section 40(b)(v), read with Explanation 3 of the Income-tax Act,
1961 or any other applicable provision as may be in force in the income-tax assessment
of the partnership firm for the relevant accounting year. Such remuneration shall be
calculated at the close of the accounting year and shall be credited to the account of each
working partners in their profit / loss sharing ratio.
(ii) The Income for the purpose of the above calculation shall be computed as defined in
explanation 3 to section 40 (b) the relevant years.
(iii) The above partners shall not be entitled to any working allowance if the firm has suffered
loss on the basis of the income as computed under the provision of the respective account
at the each financial year.
(iv) The partners may mutually increase or decrease the remuneration i.e working allowance
payable to partners.

11. That during the continuation of the partnership, Income and expenditure account and Balance
sheet shall be prepared annually by closing the books of accounts of the firm on 31 st March each
year and the share of profit or loss of each partner as the case may be shall be transferred to his
/her capital account in the books of accounts of the firm. The accounting period can be changed
with the mutual consent of all the partners.

12. That, no duration of the firm has been fixed. The duration of the firm shall be at “WILL”.

13. That in case of retirement, death or insolvency of any of the partner of the firm, the firm shall not
be dissolved and other surviving partners shall have absolute right and power to operate the bank
account and withdraw and such withdrawals of capital shall be duly accounted for in the books of
the firm, the legal heir executors or administration of such partner shall have no right to prevent or
otherwise hinder the surviving partners from carrying on the business. That, in the event of
retirement, the retiring partner shall be entitled to the amount standing to his credit in the books of
 the firm on the date of retirement together with the share of profit and interest on capital up to the
date of retirement. And in the event of death of the partner during the tenure of this partnership,
the nominee, if any, kept by the deceased partner or the legal representative, if nominee has not
been kept, be entitled to receive the amount standing to the credit of the deceased partner together
with his share of profit and interest on capital from the date of the accounts were last made till the
date of death.

14. That, any license/quota/trade name if allotted in the name of firm or in the name of partners shall
be binding on all the partners.

15. That all other matters for which no provision is made in this deed shall be decided by the mutual
consent of all the partners. In case of disagreement the dispute shall be referred to the Arbitrator
(As Governed by the Indian Arbitrator Act: 1940). The Arbitrator shall be appointed by the mutual
consent of all the partners.

16. That subject to the provisions of this deed, all and any Act, done in good faith and with ordinary
prejudice by any partner in future and in connection with partnership is deemed to have been done
by all the partners jointly.

17. That, without prejudice to the above terms and condition to the partners shall in all matters be
governed by the provision of the Indian partnership Act; 1932.

In witnesses whereof, the parties hereto have put their signatures on this deed in the presence of the
witnesses on the day and year first above mentioned.
PARTIES Signatures

1. _____________ 2. ________________
(Rohan) (Naresh Kumar)
(Continue Partner) (Continue Partner)

WITNESSES 1.___________________ 2. __________